GUWAHATI, Jan 20 - Chief Minister Sarbananda Sonowal today inaugurated the Assam Startup - The Nest initiative of the Industry and Commerce Department at a programme held at Ambari in the city.

The initiative is a state-owned incubator for startup ventures that seeks to augment the business environment by promoting idea generation to startup companies and help them establish and accelerate their growth and success, an official release said.

The incubation centre – set up by the State government under the Assam Startup Policy 2017 with technical expertise from IIM Calcutta Innovation Park – aims to facilitate the growth of at least 1,000 new startups over the next five years. It also seeks to attract funding opportunities to the tune of $250 million for State startups and incubators while establishing itself as a centre of excellence in the startup ecosystem.

Startup entrepreneurs will also get networking opportunities for funding their projects. Dedicated mentorship and capacity enhancement training will be provided in the incubation centre.

Highlighting that the State government is making all efforts to provide a conducive environment to investors to facilitate industrial growth, the Chief Minister said that the Act East Policy had given impetus to trade and business in the State and through this policy, Assam would become the gateway and business hub of South East Asia.

He also dwelt on the State government’s industry-friendly policies like North East Industrial Development Scheme and the Industrial & Investment Policy of Assam, which have given momentum to the industrial sector of the State. Sonowal said that Rs 12,000 crore has been invested in Assam out of the total Rs 79,000 crore committed during the Advantage Assam investment summit that saw the signing of some 240 MoUs.